Vodafone Idea expects the sale of its 11.15 per cent stake in Indus Tower to complete in the next three-four months which could yield an estimated Rs 5,500 crore, a senior company official said Tuesday. At current Bharti Infratel price, the cash value is more than Rs 5,500 crore," Vodafone Idea Chief Financial Officer Akshaya Moondra told PTI. The company expects that the money raised from the stake sale in Indus Tower and the Rs 25,000 crore rights issue, which is opening on Wednesday, will give it long term war chest to compete in the market. Vodafone Idea is in discussion to sell 1.56 lakh kilometre of optical fibre. According to sources, it has received a combined valuation of Rs 20,000 crore for the mobile tower and optical fibre assets.

Source: dna April 09, 2019 15:22 UTC